Question
Summer Company provided the following account balances on December 31, 2017: Account receivable 400,000 Advance to officers-not currently collectible 100,000 Sinking fund 400,000 Building 5,000,000
| Summer Company provided the following account balances on December 31, 2017: | |
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| Account receivable | 400,000 |
| Advance to officers-not currently collectible | 100,000 |
| Sinking fund | 400,000 |
| Building | 5,000,000 |
| Long-term refundable deposit | 50,000 |
| Cash and cash equivalent | 500,000 |
| Cash surrender value | 60,000 |
| equipment | 1,000,000 |
| Lease rights | 100,000 |
| Accrued interest in note receivable | 10,000 |
| Inventories | 1,300,000 |
| Land | 1,500,000 |
| Land held for speculation | 500,000 |
| Note receivable | 250,000 |
| Computer software | 3,250,000 |
| Prepaid expense | 70,000 |
| Trading securities | 280,000 |
| Unearned rent income | 40,000 |
| Retained earning (deficit) | (1,800,000) |
| Share premium-preference | 500,000 |
| Premium on bonds payable | 1,000,000 |
| Preference share capital | 2,000,000 |
| Share premium-ordinary | 200,000 |
| Note payable | 300,000 |
| Withholding tax payable | 10,000 |
| Account payable | 400,000 |
| Accrued salaries payable | 100,000 |
| Accumulated depreciation-building | 2,000,000 |
| Accumulated depreciation-equipment | 200,000 |
| Allowance for doubtful account | 20,000 |
| Bonds payable | 5,000,000 |
| Dividend payable | 120,000 |
| Ordinary share capital | 5,000,000 |
| Accrued salaries payable | 30,000 |
| Preference share redemption fund | 350,000 |
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| Required: |
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| Prepare a properly classified statement of financial position on December 31, 2017 | |
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